Taxation

Taxation Services

Tax planning is vital to building a successful business and growing your personal wealth. It takes expertise, focus, and creativity to identify tax planning opportunities for tax savings. Our firm is focused on providing value-added tax services to our individual and private corporate clients. We take a proactive approach to help you identify applicable tax saving strategies and develop practical tax solutions that fit your unique needs. We offer clients with a variety of core taxation services:

• Corporate and business tax services

• Personal tax services

• SR & ED tax credits

• Tax disputes

Corporate & Business Tax Services 

Part of a proactive corporate tax plan is ensuring a proper corporate structure is in place. Structure is very important in minimizing taxes and meeting your financial needs. Your business also requires effective shareholder remuneration strategies. We minimize the combined corporate and personal tax payable so that shareholders can maximize their after-tax income. We address your corporate and business tax needs in the following areas:

• Preparing corporate income tax and information returns, tax estimates and instalments

• Filing tax elections

• Reviewing the effectiveness of your business structures

• Restructuring of corporate share capital,

• Developing owner-manager remuneration strategies

• Advising on the tax implications of proposed transactions

• Assisting with corporate reorganizations 

• Corresponding with the federal and provincial authorities on your behalf

Personal Tax Services

Minimizing your tax burden involves more than preparing and filing personal income tax returns—it involves an integrated planning approach, particularly for business owner-managers and other corporate shareholders. We focus on your needs and situation, and will take advantage of every deduction, every credit, and every opportunity to minimize both your current and future tax liabilities. We can assist you in the following areas:

• Preparing your personal tax returns and making representations to tax authorities

• Preparing tax returns for deceased taxpayers

• Filing tax elections

• Customizing owner-manager remuneration packages

• Family income-splitting opportunities

• Applying for Taxpayer relief and Voluntary disclosure for possible penalty and interest relief

• Preparing statements of personal net worth  

• Personal financial planning 

• Assisting in interactions with banks, mortgage companies and other financial institutions.

• Corresponding with Canada Revenue Agency on your behalf

Scientific Research & Experimental Development Tax Credits

The SR & ED program is a tax incentive offered by the Canadian federal government to encourage and support Canadian innovation. Several provinces also offer similar programs. If your company is developing a new product, improving an existing product or its production methods, or creating innovative software, e-business solutions, web based applications, you may qualify to claim the SR & ED tax credits. These tax credits are available to any company that carries on a research program in a scientific manner, where this research involves technological uncertainty and innovation.

Claiming a scientific research investment tax credit involves three phases:

1. Documenting the research activities on a project-by-project basis,

2. Costing the amounts spent on each project, 

3. Claiming tax credits by completing certain information on tax returns.

The tax filing deadline is 18 months after the year-end in which the SR&ED expenditures are incurred.

Successful filing of eligible SR & ED claims will keep more money in your business. We will assist you to file the SR & ED claims to save you time and keep you to focus on your core business. We can prepare or review the company's tax returns (federal and provincial) and work to optimize the claim. We maximize the amount refundable by considering the company's overall tax position.

Tax Disputes

Tax disputes are difficult to manage; sometimes the Canada Revenue Agency (CRA) can be very demanding and intimidating. We can assist you with the following tax problems and reduce the stress by taking the weight of dealing with the CRA off your shoulders.

• Tax audit

• Trust account (GST/HST, payroll) audit

• Tax appeal

• Complex GST matters

• Net worth assessment

• Tax reassessment

• Late unfiled tax returns

• Tax arrears problems

• Unreported income

• Demand to file

• Tax collection issues 

• Taxpayer relief and fairness

• Voluntary disclosures 

Assisting in Tax Audits

In tackling such engagements, the typical steps and procedures we will take include the following:

• Meet with the client to review the circumstances

• Meet and negotiate with income tax auditors, response to audit queries

• Host the audit in our office

• Work with senior CRA to ensure stated administrative policies and procedures are followed

• Prepare of settlement offer

• Negotiate with the auditor or a senior CRA officer when it is called for 

Assisting in Tax Appeals

When dealing tax disputes with CRA, we will manage the tax dispute resolution process in a non-confrontational and effective manner. 

• Review client's notices of (re)assessment, CRA correspondence and any other relevant materials

• Make informed decisions on preferred options for resolving difficult disputes  

• Prepare any required documents, such as a notice of objection

• Obtain information from the CRA, including auditors working papers, memos, and notes used by the CRA in support of its position

• Review the CRA's working papers to determine any errors 

• Negotiate with the CRA to obtain a reasonable settlement of the amount in dispute 

• Negotiate repayment over a specified time period

• Work closely with legal counsel in a support role on the client's behalf if the dispute cannot be resolved in the appeals area and proceeds to court

Taxpayer Relief and Fairness 

Taxpayers are often assessed interest and penalties by the CRA that are of amounts that are extremely large and punitive. If the taxpayer meets the reasonable cause criteria standards set forth by the CRA, he/she may qualify for penalties and/or interest relief. We can assist you in determining whether your situation fits in and assist you in making an application for relief from interest and penalties. We also help you with negotiating payment terms over an extended period of time.

Voluntary Disclosures

If you have failed to file tax returns as required by law, or have failed to report income you may want to rectify this before the CRA catches up to you. The Canada Revenue Agency (CRA) has set up the Voluntary Disclosure Program (VDP) to allow taxpayers to disclose any information that is not accurate or not complete and that they may have reported (or not reported) on previous tax returns without having to pay a penalty or face prosecution. 

We have been involved in cases of voluntary disclosure before, and understand CRA practices and procedures. We will carefully draft your disclosure and manage the disclosure process from start to finish such that your rights are protected to the highest degree possible. We can determine the most appropriate filing position for reporting previously undisclosed income, negotiate a waiver of interest in certain extraordinary circumstances, and negotiate payment terms over an extended period of time.